Norway achieves unprecedented oil, gas revenues in 2022


(MENAFN) Norway achieved unprecedented oil and gas revenues in 2022, boosted by the surge in energy prices following the conflict in Ukraine, as reported by a Norwegian news agency on Tuesday.

Research institution NHH indicated that Norway generated 334 billion kroner (USD31.3 billion) in 2022 from natural gas exports, driven by significant disruptions in the supply of Russian pipeline gas.

“We find the price of coal and Russian supply shortfall to explain the majority of the fluctuations in the natural gas price over 2022,” NHH researchers mentioned.

The reported amount constituted 27 percent of Norway's natural gas export earnings in 2022, excluding deliveries to the UK. The report highlighted that 2022 marked a historic year in terms of revenue generated from Norwegian gas.

“It is an insanely high number,” stated the head of Norway’s Green Party, Arild Hermstad, as cited by the news outlet. “It is reprehensible that Norway should profit from other people’s misfortune. The government makes it embarrassing to be Norwegian.”

The extraordinary income has sparked accusations from certain politicians who have labeled Norway as a 'war profiteer.' However, Oslo has rejected this characterization.

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